Saudi Shares Rise Second Day on Economic Outlook; Mobily GainsDeema Almashabi
Saudi Arabia’s benchmark stock index rose the most in two weeks, led by Etihad Etisalat Co., known as Mobily, after better-than-estimated data on U.S. consumer confidence and manufacturing yesterday.
Mobily, the second-largest telecommunications operator in Saudi Arabia, climbed to the highest level in more than six years. National Industrialization, the petrochemicals maker known as Tasnee, jumped the most in two months.
The Tadawul All Share Index gained for a second day, adding 0.3 percent to 7,016.61 at the 3:30 p.m. close in Riyadh. The gauge had the biggest jump since Feb. 16 on a closing basis as 69 shares advanced, 49 declined and 41 were unchanged.
“Gains in the market today are still modest and below expectations and attributed mainly to telecom, petrochemical and banking sectors for various reasons including the positive sentiment in international capital markets during last week,” said Mohammed Al-Omran, a financial analyst and president of the Gulf Center for Financial Consultancy in Riyadh in an e-mailed response to questions.
Mobily, gained 1.3 percent to 75.5 riyals and Tasnee increased 1.4 percent to 29.1 riyals.
U.S. stocks rose last week, sending the Dow Jones Industrial Average to the highest level since 2007.
Saudi Arabia’s stock exchange is the only Persian Gulf bourse operating on Saturdays.